The Federal Trade Commission adopted a final rule Wednesday that will require businesses to make it easy for consumers to cancel unwanted subscriptions and memberships.

The “click-to-cancel” rule will prohibit retailers and other businesses from misleading people about subscriptions and require them to obtain consumers’ consent before charging for memberships, auto-renewals and programs linked to free trial offers.

The FTC said businesses also must disclose when free trials or other promotional offers will end and let customers end recurring subscriptions as easily as they started them. Most of the provisions will take effect 180 days after the rule is published in the Federal Register, the agency said.

“Too often, businesses make people jump through endless hoops just to cancel a subscription,” FTC Chair Lina Khan said in a statement. “The FTC’s rule will end these tricks and traps, saving Americans time and money. Nobody should be stuck paying for a service they no longer want.”

The U.S. Chamber of Commerce criticized the administration’s approach, saying in August that “heavy-handed regulations that micromanage business practices” will lead to higher costs for consumers.

Joe Biden’s administration also has targeted hidden and bogus junk fees, which can mask the total cost of concert tickets, hotel rooms and utility bills.

Phillips 66 closing L.A.-area site

Oil company Phillips 66 announced Wednesday that it plans to shut down a Los Angeles-area refinery by the end of 2025, citing market concerns.

The refinery accounts for about 8% of California’s refining capacity, according to the state’s Energy Commission. The company said it will remain operating in the state.

“With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics, we are working with leading land development firms to evaluate the future use of our unique and strategically located properties near the Port of Los Angeles,” CEO Mark Lashier said in a statement. “Phillips 66 remains committed to serving California and will continue to take the necessary steps to meet our commercial and customer demands.”

The closure will impact 600 employees and 300 contractors who help operate the refinery, the company said in a news release. The refinery consists of two facilities that were built more than a century ago.

True Value files for bankruptcy

True Value Co. filed for bankruptcy in Delaware on Monday as it seeks to sell its business to rival Do it Best Corp.

The Chicago-based home improvement company will continue to operate under Chapter 11 protection with Do it Best providing a so-called stalking horse bid, meaning that it’s subject to better offers, should any materialize, according to a company statement. The bidder offered to pay $153 million in cash, according to the bankruptcy filing.

The company “faced significant liquidity challenges” and hired Houlihan Lokey Inc. in May as financial adviser to review options, it said in the filing.

1,200 more drugstores closing

Walgreens is planning to close around 1,200 locations as the drugstore chain and its rivals struggle to define their role for U.S. shoppers who no longer look to them first for convenience.

Drugstores that once snapped up prime retail space in towns and cities across the country are in retreat. They’ve been battered by shrinking prescription reimbursement, persistent theft, rising costs and consumers who have strayed to online retailers or competitors with better prices.

The boost they received from taking the lead on vaccinations during the COVID-19 pandemic has long since faded.

Walgreens’ announcement Tuesday morning comes as rival CVS Health wraps up a three-year plan to close 900 stores and Rite Aid emerges from bankruptcy, whittled down to about 1,300 locations.

Compiled from Associated Press and Bloomberg reports.